The company will use the funds to expand operations and its R&D team and to start sales and distribution activities, it said in a statement.

Thinkphi was founded in 2015 by the husband-wide duo of Samit Choksi and Priya Vakil Choksi. It creates products that conserve water and energy.

The startup’s first product is “Ulta Chaata”, an inverted canopy-looking structure that provides potable water by capturing rainwater and also harnesses solar energy to produce electricity.

The co-founders said that Thinkphi is an innovative company creating disruptive solutions to environmental problems and that they are confident that the investment in R&D and good product design will deliver positive results.

The company has made some early sales of its patented rainwater and solar harvesting product to customers such as Godrej Interio and Rustomjee. It also filed multiple global patents on design and utility for water harvesting and renewable energy, ideal for smart cities, industries or large campuses.

Prasad is known for growing and later selling drugmaker Matrix Laboratories to Mylan Inc about a decade ago in a multi-million dollar deal. He has previously also backed broadcaster Maa TV and Care Hospitals. Most recently, he invested in cricket icon Sachin Tendulkar’s Indian Soccer League team Kerala Blasters.